Best Semitruck Financing

Checking your rate won’t impact your credit score

Best Semitruck Financing

Checking your rate won’t impact your credit score

What is a commercial truck loan?

A commercial truck loan — also known as semitruck financing — helps businesses purchase trucks by spreading the cost over fixed monthly payments. Like equipment financing, the truck serves as collateral, which the lender can repossess if you default.

These loans are available from banks, direct lenders, and online lenders, with some options available for startups and borrowers with less-than-perfect credit.

Best for:

Same-day funding

Best for:

Big loans and no fees

Best for:

Excellent customer service and no fees

Best for:

Bad or no credit

+ Show More

Best for:

Fast approval

Best for:

Boosting approval odds with collateral

Best for:

Excellent customer service and no fees

Best for:

Small loans and no fees

Best for:

Fair credit

Best for:

Overall personal loans

Best for:

Bad credit

Best for:

Rate discounts

🚛 How Does Semitruck Financing Work?

💵 Lump Sum Funding

You get a one-time loan to help buy a commercial truck

📅 Fixed Repayment Schedule

You’ll repay the loan with monthly fixed payments that include both principal and interest. Some lenders may offer flexible terms.

🔒 Collateral-Based Loan

Just like with auto or equipment loans, the truck serves as collateral. If you default, the lender can repossess the vehicle.

💳 Origination Fees

Some lenders may charge a processing or origination fee when the loan is issued.

💰 Down Payment Required

Many financing options require a down payment, typically ranging from 5% to 20% of the truck’s cost.

🏦 Available From Multiple Lenders

You can get semitruck financing through: 🏛️ Banks 🌐 Online lenders 💼 Commercial vehicle finance companies

Additional business funding options

Merchant cash advance

A (MCA) gives your business fast access to working capital in exchange for a share of future sales. It’s flexible, with payments adjusting to your revenue, and requires no collateral.

Invoice factoring

Invoice Factoring lets your business get immediate cash by selling unpaid invoices to a financing company.

Business credit cards

Business credit cards provide quick access to revolving credit for everyday expenses and business growth. They help manage cash flow, build your company’s credit history, and often come with rewards or perks.

Small business grants

Small business grants are funds provided by governments or organizations that you don’t need to repay. They give your business free capital to support growth, innovation, or specific projects.

Peer-to-peer lending

Peer-to-peer lending connects your business directly with individual investors who provide loans online. It offers faster access to funding, often with competitive rates and fewer requirements than traditional banks.

Personal loans

Personal loans give you a lump sum of money that can be used for business or personal needs. They’re repaid in fixed installments and can provide quick funding without requiring business collateral.

🏆 How We Chose Our Picks

We analyzed over a dozen top lenders to identify the best commercial truck financing options available today. Here’s what we focused on:

Business Loan — Calculator

Best Semitruck Financing Calculator

Estimate your monthly payment, total cost, and interest for a business loan — plan your growth with confidence.

Loan amount

Min $5,000 — Max $500,000

APR (%)

Annual Percentage Rate for your business loan

Term (months)

From 6 to 120 months

Purpose (optional)

+$10k +$50k +$100k

This is an estimate. Actual rates and terms may vary by lender.

Monthly Payment

Total Interest

Total Repayment

APR

Term

0 months

❓ Frequently Asked Questions

📊 What credit score is needed to finance a semitruck?

Most lenders require a minimum credit score of 600, though some may work with scores as low as 500 if other financials are strong.

💼 Is it better to lease or finance a semitruck?

It depends on your goals. Leasing may offer lower monthly payments and flexibility to upgrade, while financing lets you own the truck outright over time.

⏳ How long can you finance a semitruck?

Loan terms typically range from 12 to 72 months, depending on the lender, loan amount, and your qualifications.

📄 What documents do I need to apply for truck financing?

You’ll likely need: Valid driver’s license, Recent bank statements, Truck quote or invoice, Business financials or tax returns.

💸 Do I need a down payment for a semitruck loan?